New Delhi: State Bank of India, country’s largest lender, on Thursday raised curtain from a slew of festival offers for Home loan customers. The offers are aimed to make home loans more affordable in the festive season. The bank, in a first-of-its-kind initiative, reduced the home loan interest rates to 6.7 per cent for any loan amount.Also Read - RBI Slaps Rs 1 Crore Penalty on State of India Over Non-Compliance

Earlier, a borrower availing a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15%. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70%. Also Read - Banks to Remain Shut For More Than 10 Days From Tomorrow | Full List of Holidays Here

According to the SBI, a buyer will have to pay an interest of 7.15 per cent for availing a home loan of Rs 75 lakh. With the introduction of the festive offers, the home loan will be available at an interest rate of 6.7 per cent. “The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs 8 lakh, for a Rs 75 lac loan with a 30 year tenure,” SBI said. Also Read - SBI Is New Tenant of Amitabh Bachchan; Check Monthly Rent, Other Details

According to a Business Standard report, C S Setty, Managing Director (Retail & Digital Banking), SBI said “We are pleased to launch the festive offer for our prospective home loan customers. Generally, the concessional interest rates are applicable for a loan up to a certain limit and are also linked to the profession of the borrower. This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower.

“The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable. Our country has shown tremendous resilience during the pandemic. Being the Banker to every Indian, we, are committed to doing our bit in reviving the economy by enabling housing for all”.

Explaining on how it will benefit the home loan borrowers, Anuj Puri, chairman, ANAROCK Group said to News18, “This is an extremely competitive move which virtually negates all the previous limitations which applied to special home loan interest rates. Instead of focusing on just budget housing, this new interest rate is genuinely democratic as buyers from any budget bandwidth will benefit.”